How is old-age pension calculated?
An old-age pension is a cash payment that is regularly paid to persons of a certain age who have work experience. Let's find out how old-age pension is calculated.
An old-age pension is granted to men who have turned sixty years old and women who have reached fifty years old. A pension may also be granted on preferential terms, and the retirement age can be lowered.
Here are the reasons for such a pension:
- Medical and biological signs (women who have given birth to five or more children; mothers who are raising children with disabilities; people with disabilities of the first vision group)
- Special working conditions (difficult working conditions - five years less, work on jobs with harmful working conditions and in hot shops - ten years earlier)
- Regional factors (citizens who worked in the Far North).
Work experience should be twenty-five years for men, and twenty years for women.If the work experience is incomplete, then the total work experience must be respected - at least five years.
In addition, the work experience counts:
- Mother care for a child up to three years
- Military service
- Care for a disabled child under the age of sixteen
- Care for a disabled person of the first group
- Elderly care, subject to the need for ongoing care (a medical institution is required)
- Period of disability due to work injury or occupational disease.
How is pension calculated
The pension is set at fifty-five percent of the average salary, in addition, one percent is added for each whole year of total work experience, which exceeds the required one. The minimum pension is set at the level of the minimum wage. You can learn about the components of a pension from the article “What is a pension?”
In case of incomplete length of service, the pension shall be calculated in proportion to the available experience. It can not be lower than the social pension.
You can learn more about pension accrual in our article - How to calculate a pension.
How to get a pension
In order to receive a pension, you must apply to the body of the pension fund at the place of residence.
You must also provide:
- Employment history
- Certificate of residence
- Certificate of average monthly income for sixty consecutive months
- Documents confirming the presence of disabled family members
- If you have changed your surname, patronymic or first name, you need documents that confirm the new data.
Other documents may also be required, which will be requested by the pension fund body.
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